Amcon Distributing Co key statistics and ratios

In fiscal 2025, Amcon Distributing Co had return on equity of 0.5%, an operating margin of 0.4%, debt equal to 117.0% of equity and a current ratio of 2.14. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Amcon Distributing Co: financial ratios, annual
Fiscal year	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	7.1%	7.1%	6.7%	6.4%	6.2%	6.0%	5.8%	5.7%	5.8%	6.0%	5.8%	6.0%	6.4%	6.7%	6.7%	6.7%	6.3%
Operating margin	1.5%	1.5%	1.1%	0.9%	0.8%	0.9%	0.8%	0.5%	0.4%	0.5%	0.6%	1.1%	1.1%	1.0%	0.7%	0.4%	0.4%
Net margin	0.9%	0.8%	0.6%	0.5%	0.4%	0.5%	0.5%	0.2%	0.3%	0.2%	0.4%	0.9%	0.8%	0.5%	0.2%	0.0%	0.1%
Free-cash-flow margin	0.8%	1.3%	0.7%	0.3%	0.4%	−0.3%	1.3%	−1.3%	0.2%	−1.1%	0.8%	1.2%	0.4%	0.3%	1.8%	0.3%	0.1%
Return on equity	27.4%	21.7%	16.3%	11.6%	9.2%	10.9%	9.4%	4.4%	5.4%	5.1%	8.8%	21.8%	19.6%	11.8%	4.0%	0.5%	1.6%
Return on assets	9.7%	8.1%	6.9%	5.5%	4.6%	5.6%	5.2%	2.4%	2.7%	2.2%	3.2%	8.3%	7.0%	3.6%	1.2%	0.1%	0.5%
Asset turnover	10.98	10.44	11.01	11.42	11.50	11.20	11.21	10.51	9.73	9.36	8.80	8.89	8.42	7.78	7.35	7.36	7.66
Current ratio	2.34	2.56	2.66	2.89	3.00	3.46	3.04	3.66	3.37	4.27	3.25	2.90	2.93	3.21	2.46	2.14	2.75
Debt to equity	60.1%	53.1%	32.1%	30.0%	27.8%	34.6%	16.6%	43.1%	56.5%	100.3%	96.4%	57.0%	100.0%	136.7%	113.2%	117.0%	143.4%
Interest cover (operating income ÷ interest)	10.3x	10.8x	9.9x	10.0x	10.0x	13.7x	15.0x	7.5x	5.0x	4.0x	5.4x	13.3x	10.0x	3.0x	1.7x	1.2x	1.3x
Effective tax rate	36.4%	43.8%	40.6%	42.8%	42.3%	40.9%	41.7%	45.8%	24.4%	33.4%	28.6%	27.0%	30.1%	33.0%	41.9%	63.6%	37.5%
SG&A as % of revenue	5.4%	5.4%	5.4%	5.3%	5.2%	4.9%	4.8%	5.0%	5.1%	5.2%	4.9%	4.8%	5.0%	5.4%	5.7%	5.9%	5.6%
Capital spending as % of revenue	0.2%	0.2%	0.1%	0.2%	0.2%	0.1%	0.1%	0.2%	0.2%	0.3%	0.2%	0.1%	0.7%	0.5%	0.8%	0.3%	0.4%
Free cash flow ÷ net income	94.4%	173.8%	114.3%	61.8%	98.1%	−56.3%	280.8%	−553.6%	73.8%	−496.2%	213.7%	124.9%	49.2%	70.4%	>999%	>999%	151.7%
Dividends ÷ net income	4.6%	5.6%	6.4%	8.0%	9.4%	7.4%	10.9%	24.0%	19.4%	19.9%	10.7%	21.6%	20.6%	30.5%	14.5%	113.5%	36.4%
Dividends and buybacks ÷ free cash flow	4.9%	3.2%	16.5%	13.0%	9.6%	—	32.5%	—	315.7%	—	22.2%	17.3%	42.0%	48.3%	1.3%	18.4%	24.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Amcon Distributing Co: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	6.5%	6.6%	6.9%	6.7%	6.5%	6.6%	6.1%	6.0%
Operating margin	0.7%	0.5%	0.1%	0.7%	0.5%	0.5%	−0.1%	0.7%
Net margin	0.2%	0.0%	−0.3%	0.2%	0.1%	0.1%	−0.3%	0.3%
Free-cash-flow margin	5.0%	−6.1%	5.1%	−1.2%	4.1%	−1.7%	0.7%	−2.4%
Current ratio	2.46	3.23	2.61	2.74	2.14	2.64	2.17	2.75
Debt to equity	19.5%	4.7%	4.8%	4.8%	14.6%	4.8%	4.9%	4.2%
SG&A as % of revenue	5.5%	5.7%	6.5%	5.8%	5.7%	5.7%	5.8%	5.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 2 checks passed · June 30, 2026

What it owns · $399m

Short-term assets $249mLonger-term assets $150m

What it owes, and who funded it · $206m

Short-term liabilities $91mShareholders' equity $115m

Short-term assets cover short-term liabilities $249m of assets due within a year against $91m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $13m against $10m of interest.

From Amcon Distributing Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

42 /100

Weak moat

How hard Amcon Distributing's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Cash operating profit has been a median 4.2% of total assets over 10 years.
Pricing power 8 / 20

Gross margin has been a median 6.2%, moving by 0.4 percentage points (standard deviation) across 10 years.
Durability 9 / 20

Operating margin has been a median 0.6%; its worst year was 0.4%.
Cash conversion 7 / 20

Free cash flow was positive in 7 of 10 years, at a median 0.3% of revenue.
Discipline 14 / 20

The diluted share count rose 6.9% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Amcon Distributing Co's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Amcon Distributing Co.